Stock Market Outlook for Thu Sep 2 2021 – Choppy With Dips but Higher By The Close

Wednesday’s trading session was also choppy but it kept a bullish bias right until late afternoon. By that point the index was brushing 4537, the latest all-time high, before sellers arrived and sent the index back to 4524 by the close of the day.

Volumes though were bullish throughout the day as investors wait for Friday’s August jobs numbers.

Let’s review Wednesday’s closing technical numbers and look out to Thu Sep 2 2021.

Stock Market Outlook Chart Comments At The Close on Wed Sep 1 2021 

The Lower Bollinger Band is continuing to fall further below the 50 day moving average while the Upper Bollinger Band is rising. This is bullish.

The closing candlestick for Thursday is bullish.

All the major moving averages are still climbing which is also bullish. For Thursday the SPX chart remains bullish.

Stock Market Outlook review of Wed Sep 1 2021

Stock Market Outlook: Technical Indicators Review:

Momentum: Momentum is rising and positive.

• Settings: For momentum I use a 10 period when studying market direction.

MACD Histogram: MACD (Moving Averages Convergence / Divergence) issued an up signal on Fri Aug 27. The up signal was stronger on Wednesday.

• Settings: For MACD Histogram, I am using the Fast Points set at 13, Slow Points at 26 and Smoothing at 9. 

Ultimate Oscillator: The Ultimate Oscillator is falling.

• Settings: The Ultimate Oscillator settings are: Period 1 is 5, Period 2 is 10, Period 3 is 15, Factor 1 is 4, Factor 2 is 2 and Factor 3 is 1. These are not the default settings but are the settings I use with the S&P 500 chart set for 1 to 3 months.

Slow Stochastic: The Slow Stochastic has a neutral signal in place and is overbought.

Settings: For the Slow Stochastic I use the K period of 14 and D period of 3. The Slow Stochastic tries to predict the market direction further out than just one day.

Relative Strength Index: The RSI signal is trending sideways.

• Settings: The relative strength index is set for a period of 5 which gives it 5 days of market movement to monitor.  It is often the first indicator to show an overbought or oversold signal.

Rate of Change: The rate of change signal is falling.

• Settings: Rate Of Change is set for a 21 period. This indicator looks back 21 days and compares price action from the past to the present. With the Rate Of Change, prices are rising when signals are positive. Conversely, prices are falling when signals are negative. As an advance rises the Rate Of Change signal should also rise higher, otherwise the rally is suspect. A decline should see the Rate Of Change fall into negative signals. The more negative the signals the stronger the decline.

Support and Resistance Levels To Be Aware Of:

4550 is resistance

4525 is resistance

4500 is resistance

4490 is resistance

4475 is light support

4450 is light support

4400 is good support

4370 is good support

4350 is light support

4300 is light support

4290 is light support

4270 is light support

4250 is good support

4225 is light support

4200 is good support

4175 is light support

4150 is light support

4100 is good support

4070 is light support

4050 is light support

4000 is good support

3900 is support

3850 is support

3800 is support

3750 is good support

3700 is light support

3680 is light support

3600 is strong support

 Stock Market Outlook for Tomorrow – Thu Sep 2 2021 

Tomorrow investors get the August jobs numbers. I am expecting Thursday to be choppy but bullish ahead of those numbers.

Often we will see stocks move sideways and take a few dips but the late afternoon sees a rally higher in anticipation of the August unemployment report.

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